The Eurozone manufacturing sector activity improved more than expected in the reported month, the latest manufacturing activity survey from IHS/Markit research showed on Tuesday.
The Eurozone Manufacturing purchasing managers index (PMI) arrived at 58.6 in November vs. 57.3 expectations and 58.3 last. The index hit two-month highs.
The bloc’s Services PMI rose to three-month peaks of 56.6 in November vs. 53.5 expected and 54.6 previous.
The IHS Markit Eurozone PMI Composite climbed to 55.8 in November vs. 53.2 estimated and 54.2 previous. The gauge clinched two-month highs.
“A stronger expansion of business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the eurozone from suffering slower growth in the fourth quarter, especially as rising virus cases look set to cause renewed disruptions to the economy in December.”
“The manufacturing sector remains hamstrung by supply delays, restricting production growth to one of the lowest rates seen since the first lockdowns of 2020. The service sector’s improved performance may meanwhile prove frustratingly short-lived if new virus-fighting restrictions need to be imposed. The travel and recreation sector has already seen growth deteriorate sharply since the summer.”
EUR/USD is holding the higher ground, aided by the upbeat German and Eurozone Business PMIs, as it continues to benefit from the US dollar retreat.
The spot currently trades at 1.1269, up 0.31% on the day.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2022 Teletrade-DJ International Consulting Ltd
Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.